Reference no: EM132711696
Problem - Sansa is a company who give services to decorating a party and also make-up and hair do services.
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Sansa Company Trial Balance August 31, 2019
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Cash
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$45,000
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Accounts Receivable
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$21,000
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Supplies
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$20,000
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Prepaid Rent
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$11,500
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Equipment
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$24,000
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Accounts Payable
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$20,000
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Share Capital - Ordinary
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$80,000
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Retained Earnings
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$21,500
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$121,500
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$121,500
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During October 2019, the following transactions occurred:
October 03 Purchased new equipment from Gru Company costing $70,000 and paid $40,000 cash now and agreed to pay the remaining on account.
October 05 Finished orders from decorating Seol's birthday party $60,000 and make up amounted to $30,000 in the same customer. Make up payment received on cash and for the decorating service the billed will be sent.
October 06 Purchased supplies costing $ 28,000 on account.
October 09 Received $29,000 in cash for services rendered to customers.
October 12 Received payment of the bill sent to Seol.
October 19 Received $37,000 in cash as advanced payment from Rachel for service.
October 21 Paid the remaining balance on account for Gru Company.
October 29 Paid $19,000 for salaries and wages.
October 30 Paid for advertising expense of $9,500.
Instructions -
a. Prepare a general ledger using T-accounts. Enter the opening balances in the ledger accounts as of October 1, 2019.
b. Journalize the transactions occurred in October 2019.
c. Post the October journal entries to the ledger.
d. Prepare a trial balance on October 31, 2019.
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